NY A10562

Increases the bonding authority limit for the New York City Housing Development Corporation from $11.25 billion to $12.5 billion in aggregate principal amount of outstanding bonds and notes.

Maintains the existing capital reserve fund requirement cap of $85 million as the maximum threshold.

Preserves the requirement that the corporation obtain a concurrent resolution from the state senate and assembly (passed by majority vote) plus gubernatorial written agreement before issuing bonds that would cause the maximum reserve fund requirement to exceed $30 million.

Allows deductions from the aggregate principal amount calculation for available payment sums, refunding bonds and notes, and notes issued to renew prior notes.

Takes effect immediately upon enactment.